Madden School of Business at Le Moyne Announces Partnership with Family Business Center
posted on: 11/4/2013
MONDAY, NOV. 4, 2013 -- Today at the 4th Annual Family Business Conference it was announced that Le Moyne College’s Madden School of Business has formed a partnership with the Family Business Center (FBC). The partnership will involve a number of ongoing activities and collaborative initiatives that will serve to benefit both the FBC and the College.
“Le Moyne College is proud to partner with the Family Business Center to support the economic health and vitality of Central New York. I believe future regional success lies with family businesses, as they are not only key economic drivers but also community anchors,” said Le Moyne President Dr. Fred Pestello. “Integrating today’s dynamic business world with today’s equally dynamic learning environment creates holistic opportunities for both FBC membership and Le Moyne College students. Together, we will focus our energies on providing world-class programming with an emphasis on the unique needs of family businesses. On behalf of the College and the Madden School of Business, I look forward to a successful partnership serving our shared community.”
“I am excited about the opportunities this partnership with Le Moyne’s Madden School will bring to the Family Business Center and its members,” said Thomas P. Donahue, president of Donahue Financial Management Group, who helped found the FBC and serves on its board of directors. “By partnering with Le Moyne, the Center will be able to tap into the Madden School’s extensive knowledge base and resources, including faculty, alumni and world-class facilities. For current and future Le Moyne students, the Center’s member companies will provide a wide-range of internship and mentoring opportunities. This partnership will take the activities and experiences of both organizations to new levels.”
Founded in 2009, the FBC supports the unique needs of family-owned businesses through a variety of activities and programs. The Center gives family-owned business owners and managers opportunities to interact and learn from each other and from family business professionals by providing tools, resources, training, interaction, and education in a nurturing and confidential environment. FBC activities are member driven, enabling participants to gain intimate insight into key elements that create a successful multi-generational family business. Currently, there are approximately 30 members businesses of the FBC throughout the Central New York region.
Launched in 2012, the Madden School of Business at Le Moyne is comprised of seven majors and a master’s program in business administration. It is accredited by the Association to Advance Collegiate Schools of Business (AACSB), the highest standard of achievement for business schools worldwide. The School features three center of excellence – the Center for Reflective Leadership and Business Ethics, the Keenan Center for Entrepreneurship, Innovation and Creativity, and the Center for Global Business.
In addition to providing office space and facilities to host events at Le Moyne, the Madden School will work in conjunction with the NYFCB on a number of initiatives, including requests for external funding and new member recruitment. Le Moyne faculty will also act as consultants to members, as well as offer seminars and workshops on topics specific to the needs of family-owned businesses. In addition, Jim Joseph, the incoming dean of the Madden School of Business, has joined the NYFBC Board of Directors.
This partnership models similar organizations that focus on serving family businesses, as more than 90% of family business centers nationwide are either being operated or housed within a college or university. Le Moyne’s historic role in preparing students for leadership roles in business settings clearly establishes the College as a chief pipeline providing talent for businesses and employers throughout the region.
The economic benefits of providing stronger support and nurturing of family businesses is clear; according to the Family Firm Institute (www.ffi.org):
• The greatest part of America’s wealth lies with family-owned businesses. Family firms comprise 80% to 90% of all business enterprises in North America.
• More than 30% of all family-owned businesses transition to the second generation.
• The leadership of 39% of family-owned businesses will have changed hands in the next five years.
• 85% of family-owned firms that have identified a successor say it will be a family member.
• Over the next five years, almost 90% of family entrepreneurs expect to still control the family firm.
Joe Della Posta
Director of Communications
Le Moyne College
Family Business Center